It
was a typical first-work-week-after-the holiday bounce for the mortgage indexes,
although the surge was significantly more restrained than last year. Perhaps the
nation was otherwise distracted. The
Mortgage Bankers Association (MBA) said its Market Composite Index, a measure
of mortgage loan application volume, increased 16.7 percent on a seasonally
adjusted basis during the week ended January 8. During the first week of 2020
the increase was over 30 percent. On an unadjusted basis, the index was up 69
percent. The
Refinance Index increased 20 percent from the previous week, less than half the
2020 post-holiday recovery. The Refinance Index is 93 percent higher than a
year ago and the refinance share of total applications rose to 74.8 percent of
total applications from 73.5 percent the previous week.

 

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